GE Stunned with $1.5 Billion Dollar Fine for Fraud
General Electric was ordered to pay a fine of $1.5 billion fine over the lending activities of their shuttered subprime lending unit, WMC Mortgage. WMC Mortgage was acquired by GE at the height of the mortgage market bubble in 2005. Between 2005 and 2007, WMC Mortgage volumes soared to over $65 billion in originations and a toxic […]